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someone please. Everything is red is incorrect. Where all the negatives are is incorrect. Please and thank you NWP Anessment Question 3 of 7 0.37
someone please. Everything is red is incorrect. Where all the negatives are is incorrect. Please and thank you
NWP Anessment Question 3 of 7 0.37 / 1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Transactions made by A. Thomas and Co., a law firm, for the month of March are shown as follows. 1. The company performed $55,000 of services for customers, on credit. The company received $55,000 in cash from customers who had been billed for services (in transaction 1). 2. 3. The company received a bill for $3,600 of advertising but will not pay it until a later date. 4. A. Thomas withdrew $5,000 cash from the business for personal use. Prepare a tabular analysis which shows the effects of these transactions on the expanded accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example. Liabilities Assets Accounts Payable Accounts Receivable 4. A. Thomas withdrew $5,000 cash from the business for personal use. Prepare a tabular analysis which shows the effects of these transactions on the expanded accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.) Assets Liabilities Cash Accounts Receivable Accounts Payable $ (1) $ 5,000 $ (2) 55.000 $ (55,000) i = $ $ (3) 3.600 (4) $ (5.000 i 50.000 3,600 e Textbook and Media Prepare a tabular analysis which shows the effects of these transactions on the expanded accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example) Owner's Equity Owner's Capital Owner's Drawings Revenues $ 55.000 $ C $ $ $ C $ $ (5.000 i 15.000 55.000 $ e Textbook and Media Save for Later Attempts: 1 of 3 used Submit Answer 3. The company received a bill for $3,600 of advertising but will not pay it until a later date. A. Thomas withdrew $5,000 cash from the business for personal use. 4. Prepare a tabular analysis which shows the effects of these transactions on the expanded accounting equation. If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.) Owner's Equity Owner's Drawings Revenues Expenses 55.000 $ 19.500 (5000) $ (5.000) 55 000 $ 13.600 e Textbook and Media Save for Later Attempts: 1 of 3 used Submit Step by Step Solution
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